Union Budget 2022 live updates: Nirmala Sitharaman presented the Union Budget today
Finance Minister Nirmala Sitharaman today presented the Union Budget 2022 in the second year of the COVID-19 pandemic. "We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100," Ms Sitharaman said today. This was also the sixth Budget session to be held since the outbreak of the pandemic in January 2020. The government kept income tax slabs unchanged. Among the big announcements include a 30 per cent tax on transfer of digital assets. A new digital rupee using blockchain technology will also be introduced by the Reserve Bank of India, or RBI, this fiscal. The Union Budget 2022 also comes in a month when assembly elections will be held in five states.
Here are the highlights of Union Budget 2022 announcements:
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Union Budget Live Updates 2022: Long-term capital gains
Surcharge on long-term capital gains capped at 15%
Union Budget Live Updates 2022: Gross GST collection
Gross GST collection in January at record Rs 1,40,986 crore, possible due to rapid economic recovery, says Finance Minister Nirmala Sitharaman.
Union Budget Live Updates 2022: Income tax rates unchanged
The government has not changed income tax rates this year.
Union Budget Live Updates 2022: GSTRemarkable progress in GST but there were huge challenges, says Nirmala Sitharaman.
Union Budget Live Updates 2022: Digital assets tax
30 per cent tax on digital asset transfer. Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.
Union Budget Live Updates 2022: National Pension Scheme (NPS)Need parity between state and central government employees. Tax deduction on EPF for state government employees: Nirmala Sitharaman
Union Budget Live Updates 2022: Cooperative societies taxTax rate for cooperative societies reduced to 15 per cent.
Union Budget Live Updates 2022: Direct taxes voluntary compliance
New updated returns. Income Tax Department has made new roadmap. To correct errors by taxpayers, file updated returns within 2 years.
Union Budget Live Updates 2022: Digital rupee
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023.
Union Budget Live Updates 2022: Effective expenditure
Effective expenditure will be Rs 10.68 lakh crore, or 4.1 per cent of GDP
Union Budget Live Updates 2022: Capital expenditure raisedCapital expenditure raised by 35.40 per cent from Rs 5.54 lakh crore to Rs 7.50 lakh crore
Union Budget Live Updates 2022: Defence allocation68 per cent capital for procurement for defence will be for domestic industry.
Union Budget Live Updates 2022: The 4 pillarsPM Gati Shakti, inclusive development, energy transition and financing of investments.
Union Budget Live Updates 2022: Post offices
All post offices to be linked with core banking solution to push financial inclusion.
Union Budget Live Updates 2022: Optical fibre
Bharat Net optical fibre project to be complete in 2025
Union Budget Live Updates 2022: 5G rolloutSpectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.
Union Budget Live Updates 2022: New education channelOne Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to COVID-19.
Union Budget Live Updates 2022: Social welfare
Transliteration of land records in 8 languages will be rolled out
Union Budget Live Updates 2022: Urban developmentFor urban capacity building, support will be provided to states - mass transit, planning help, etc.
Union Budget Live Updates 2022: New passports
E-passports using embedded chips and futuristic tech will be rolled out.
Union Budget Live Updates 2022: Boost for digital payments
Digital payments have grown at rapid pace. Benefits of digital banking should reach every nook and corner. Taking forward this agenda, we will set up 75 digital banking units in 75 districts by scheduled commercial banks.
Union Budget Live Updates 2022: River linking
Implementation of Ken-Betwa rivers linking with estimated cost of Rs 44, 605 crore to be taken up.
Union Budget Live Updates 2022: Northeast infraPM development initiative for the northeast to fund infra and social development projects.
Union Budget 2022 Live Updates: For women and child development
2 lakh Anganwadis to be upgraded with better facilities
Union Budget 2022 Live Updates: For start-ups
Drone Shakti through various application centres for start-up that work on drone technology.
Union Budget 2022 Live Updates: Resilient MSMECredit guarantee trust for micro and small enterprises will be revamped with required infusion of funds. This will give Rs 2 lakh crore more for MSMEs.
Union Budget 2022 Live Updates: Better farming
"For better farming, we will provide comprehensive package with state government coordination": Nirmala Sitharaman
Union Budget 2022 Live Updates: River water sharing
Draft detailed project reports for five river water sharing projects have been finalized. Once consensus is reached among states, centre will support them for implementation.
Union Budget 2022 Live Updates: More infra development
2,000 km under Kawach programme. 400 new generation Vande Bharat trains. 100 PM Gati Shakti cargo terminals
Union Budget 2022 Live Updates: Minimum support price (MSP)Rs 2.7 lakh crore direct payment of minimum support price for wheat and paddy
Union Budget 2022 Live Updates: Infra development
National Highways to be expanded by 25,000 km
Union Budget 2022 Live Updates: Engines of growthPM Gati Shakti, inclusive development, productivity enhancement, energy transmission, climate action and financing of investment.
Union Budget 2022 Live Updates: Amrit Kal from India at 75 to India at 100
"We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100," Ms Sitharaman said today.
Union Budget 2022 Live Updates: On COVID-19 pandemic
"We are confident of withstanding challenges amid the COVID-19 pandemic": Nirmala Sitharaman
Union Budget 2022 Live Updates: Nirmala Sitharaman starts Budget speech
Finance Minister Nirmala Sitharaman has started the Budget speech.
Union Budget 2022 Live Updates: Union Cabinet approves Budget
Before the actual presentation, the Cabinet headed by Prime Minister Narendra Modi has approved the Budget for the fiscal year 2022-23.
Union Budget 2022 Live Updates: Union Ministers arrive in parliament
Defence Minister Rajnath Singh, Home Minister Amit Shah; Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at parliament for the union cabinet meeting ahead of the Budget presentation.
Union Budget 2022 Live Updates: COVID-19 spending
India had started the world's largest COVID-19 inoculation programme on January 16, 2021. The expenditure on vaccination this fiscal, as well as in the next would be the most-watched figures in the Budget. The Budget estimate for vaccine expenditure for the current fiscal was Rs 35,000 crore.
Union Budget 2022 Live Updates: Disinvestment and privatisation targetsThe government has rarely met the high disinvestment targets set in Budgets. With a focus on privatisation and keeping in mind fiscal consolidation and capital expenditure, the number would be closely watched.
Union Budget 2022 Live Updates: Budget amid pandemic
Finance Minister Nirmala Sitharaman would use the Union Budget as the cornerstone to put the economy on an accelerated growth path after the impact caused by the COVID-19 pandemic.
Union Budget 2022 Live Updates: What it takes to reach $5 trillion economy
With a goal to reach a $5 trillion economy by fiscal 2025, capital expenditure allocation is expected to continue to remain higher while healthy tax revenues and mega disinvestment pipeline may help contain the fiscal deficit to 5 per cent in fiscal 2023.
Union Budget 2022 Live Updates: What's in store for NGOs
Setting up a separate ministry and creating special scheme on digital literacy for the elderly are among the recommendations made by some NGOs for the upcoming budget.
Union Budget 2022 Live Updates: Paperless budget
Finance Minister Nirmala Sitharaman will present Budget 2022 in a paperless format like last year. She was seen this morning carrying a tablet encased in a red sleeve with the national emblem embossed on it.
Union Budget 2022 Live Updates: Finance Minister arrives at parliament, watch
Union Budget 2022 Live Updates: Tax revenue
The government has budgeted a 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for the 2021-22 fiscal (April-March, 2022). With Economic Survey projecting a GDP growth of 8-8.5 per cent in the next fiscal, the buoyancy in tax revenue too would be closely watched.
Union Budget 2022 Live Updates: Documents reach parliament
A truck loaded with Union Budget 2022 copies arrives at parliament.
Union Budget 2022 Live Updates: Finance Minister meets President
Finance Minister Nirmala Sitharaman along with Ministers of State for Finance Bhagwat Kishanrao Karad and Pankaj Chaudhary, and senior officials of the Ministry of Finance, called on President Ram Nath Kovind before presenting the Union Budget 2022.
Union Budget 2022 Live Updates: What farmers expect
Union Budget 2022 Live Updates: Growing risks of global inflation
A government report on Tuesday warned that growing risks of global inflation led by rising crude oil prices could hit the economy, while projecting growth of 8% to 8.5% next fiscal year compared to 9.2% in current fiscal year and 6.6% contraction in the previous year.
Union Budget 2022 Live Updates: In the markets
Sensex rises 582.85 points, currently at 58,597.02. Nifty up by 156.20 points, currently at 17,496.05.
Union Budget 2022 Live Updates: Strong revival in revenue receipts
The strong revival in revenue receipts, which rose 67% during April-November period from a year earlier implied that the government has a "fiscal space to provide additional support if necessary", Sanjeev Sanyal, principal economic adviser at the Finance Ministry told.
Union Budget 2022 Live Updates: No bahi khata
Finance Minister Nirmala Sitharaman leaves from the Ministry of Finance's office. She will present and read out the Union Budget 2022 at parliament through a tab, instead of the traditional 'bahi khata'.
Union Budget 2022 Live Updates: "Opposition should cooperate"
"PM Modi expects that every group - be it the ruling side or the opposition - should sit together and listen to the presenting of the Budget and cooperate": MoS Finance Bhagwat Karad
Union Budget 2022 Live Updates: Minister offers prayers at home ahead of Budget presentation
Minister of State for Finance Bhagwat Karad offers prayers at his home ahead of the Union Budget 2022 presentation in parliament today.
Union Budget 2022 Live Updates: Nirmala Sitharaman arrives at Finance Ministry
Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Union Budget in parliament at 11 am.
Union Budget 2022 Live Updates: No major changes in corporate and individual taxes?
To attract investments that create jobs and spur growth, Finance Minister Nirmala Sitharaman could also boost incentives tied to production in more industries. Food processing and exports are two areas that could see more production-linked incentives, and no major budget changes were likely on individual and corporate taxes, in view of rising government debt and subdued private investments.
Union Budget 2022 Live Updates: Inclusive Budget, says Union Minister
"Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors' needs. It will benefit everyone... All sectors (including farmers) should have expectations from today's budget": Minister of State for Finance Pankaj Chaudhary
Union Budget 2022: Relief for struggling consumers
The government looks unlikely to offer any major relief measures to struggling consumers, focusing instead on beefing up spending on transport and healthcare networks, which analysts estimate could rise between 12% and 25% in the next fiscal year.
Union Budget 2022: What worries policymakers
Policymakers are worried that private consumption, which makes up nearly 55% of GDP, is still below pre-pandemic levels amid rising levels of household debt, while retail prices have increased by nearly 10% since the coronavirus outbreak began in early 2020.
Union Budget 2022: More Spending On Roads, Railways
Finance minister Nirmala Sitharaman is expected to announce more spending on roads, railways, besides higher subsidies for affordable housing amid growing public criticism over inadequate relief following the economic disruption after the outbreak of pandemic in 2020.